Home Affordable Modification Program (HAMP)

If you’re not unemployed, but you’re still struggling to make your mortgage payments, you may be eligible for the Home Affordable Modification Program (HAMP). HAMP can lower your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income, which usually provides savings of hundreds of dollars per month.

In an effort to continue to provide meaningful solutions to the housing crisis, effective June 1, 2012, the Obama Administration expanded the population of homeowners that may be eligible for the Home Affordable Modification Program to include:

Homeowners who are applying for a modification on a home that is not their primary residence, but the property is currently rented or the homeowner intends to rent it.

Homeowners who previously did not qualify for HAMP because their debt-to-income ratio was 31% or lower.

Homeowners who previously received a HAMP trial period plan, but defaulted in their trial payments.

Homeowners who previously received a HAMP permanent modification, but defaulted in their payments, therefore losing good standing.

If you are a homeowner who falls into any of these criteria, you may be eligible for a modification under the expanded criteria.

* Only the appropriate qualified and/or licensed person can qualify you for any government assistance program. All the above noted guidelines were taken from http://www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx. We are not a government agency or a servicer and can not guarantee eligibility.